By Admin 
Iran israel tensions: Friendship between Israel and India is not hidden from anyone. During the troubles, this small country has always stood as a rock with India. But, the way the tension between Israel and Iran is increasing today, the price of crude oil is being seen again in the international market.
Recently, there has been such a report that Israel is now preparing for military action on Iran’s nuclear hideout. After this news, this boom has been seen in oil prices. Both WTI Crude and Brent crude have risen by about 1.06 percent and it has come to $ 66.07. Recently, the price of crude oil came down to less than $ 60.
Inflation will increase due to conflict
If the tension between Iran and Israel increases, then this tension will not only remain between these two countries but the entire Middle East will be affected. With this, the effects of Saudi Arabia, Iraq, Qatar and UAE can be seen. These are all countries from where India imports the most crude oil. In such a situation, the supply of oil will be reduced. The difference in demand and supply will increase the prices of oil in the market and its effect will be seen directly on the people.
The trade between India and West Asia is about $ 195 billion. India is the largest importer in the world in terms of oil and imported $ 137 billion oil last year. A year before that, he imported $ 133.4 billion.
Impact on money reserves too
Apart from this, if there is a fight between Iran-Israel, then India’s foreign exchange reserves will also be affected. The Center had stated in the Lok Sabha that by December 2023, UAE, Saudi Arabia, Oman, Qatar, Bahrain and Kuwait had come to US $ 120 billion. A large number of Indian workers live in these countries, who keep sending money to their homes. In such a situation, in the situation of war, these workers will have to leave there and it will also become a new challenge for India.
Apart from this, business will also be affected, because Israel and Iran stress will affect the Red Sea. The movement of ships is from there. India has to depend on this Red Sea for trade from America to European, Africa and West Asia.
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